TNG has begun discussions with a European engineering and metallurgical technology group over the commercialisation of the Perth-based vanadium miner’s proprietary TIVAN hydrometallurgical process.
TNG said a non-binding memorandum of understanding, announced today, would cover the future involvement of the engineering group in the commercialisation of the TIVAN process, as well as the potential award of an engineering, procurement and construction deal for a TIVAN processing plant.
TNG did not reveal the identity of the Europe-based group, but described it as a leading engineering and design company with revenue of between €3 billion to €4 billion.
The TIVAN process comprises a combination of acid leaching, solvent extraction and chemical stripping to extract minerals from ore, replacing traditional energy-intensive roasting techniques.
The process was developed in 2010 to extract commercial grades of vanadium, titanium and iron from TNG’s Mount Peake project in the Northern Territory.
TNG completed a pilot plant test programme last year as part of the Mount Peake pre-feasibility study.
Further test work is scheduled to commence in June at the CSIRO in Perth.
“In addition to being a vital component of the Mount Peake project development, the TIVAN process also has the potential to revolutionise vanadium production around the world,” TNG managing director Paul Burton said in a statement.
“It has very exciting growth potential for TNG and this MoU represents a step towards achieving that potential.”
At 9:30AM, WST, TNG shares were steady at 8.5 cents.